Focus on areas with strong rental demand, like Broad Ripple, Fountain Square, or near universities like Butler and IUPUI.Maintenance Costs: Indiana weather can be tough on properties, so budget for seasonal maintenance like snow removal and HVAC servicing.Additional AdviceKeep an Emergency Fund: Unexpected repairs or vacancies can arise, so having 3-6 months of expenses saved will help you weather any surprises.Build a Reliable Team: I have lists of contractors, handymen, cleaners and property managers if you'd like me to send.Good luck with your property and future expansion!

Determining the cost on something like this is only something you'll be able to find out by talking to the city.

Quote from @Jeff Sanders: Personally coming from an agent/investor in CA, I always get a quote from a broker of mine and make sure I am knowledgeable with the fees/costs.

I think its a scary feeling, like the cost of entry is too high.

The stone elevation can be expensive but will really move a house quickly with the added curb appeal.Some things I like to add for not much extra cost..

Even if they don't realize how much money you're costing them now, someone will tell them eventually and I don't think your canned wholesaling response is going to do much to repair the damage. 

I'm happy and the guests are reasonably ok.

Any tips on balancing renovation costs with tenant expectations when preparing a property for midterm stays?

Further, there’s no reason to attack someone who points out that you’ve provided no proof of whatever point you’re making.  

@Ben Syzek with $50k, you're probably looking at a property with a total cost (purchase price + reno) around $250k.